Peoples acquires bank in Akron
MARIETTA, Ohio -- Peoples Bancorp Inc. and North Akron Savings Bank Tuesday announced a merger that will add four Akron area locations to the Peoples footprint.
Under the agreement, North Akron Savings Bank will merge into Peoples Bank in a cash and stock transaction valued at $20.1 million, according to a news release.
North Akron Savings Bank, which has $147 million in total assets, currently operates full-service banking locations in Akron, Cuyahoga Falls, Munroe Falls, and Norton.
"We are excited with this opportunity to expand our presence in northeastern Ohio and leverage our existing relationships in the region," said Chuck Sulerzyski, president and CEO of Peoples.
The transaction should be completed in the fourth quarter of 2014, according to the news release, and at that time, the North Akron Savings Bank's offices will become branches of Peoples.
Peoples Bancorp, which has $2.1 billion in total assets, has 49 sales offices and 47 ATMs in Ohio, West Virginia and Kentucky.
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